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The rating agency also affirmed all ratings of Barclays Bank PLC (Barclays
Bank) and changed the outlook to positive from stable on the senior debt
and deposit ratings of Barclays Bank.

At the same time, the rating agency affirmed the ratings of Barclays
Bank UK PLC (Barclays Bank UK), while keeping the outlook unchanged
at stable.

The affirmation of Barclays' ratings reflects its ample liquidity
and capital above regulatory requirements which mitigate risks from large
exposure to capital markets activities and related wholesale funding and
its moderate credit risk.

The positive outlook on Barclays' senior ratings reflects Moody's
expectation that its operating performance and profitability prospects
will improve, benefiting from a significant reduction in litigation
and conduct risks. Moody's assessment of the volume of loss absorbing
debt under its Advanced Loss Given Failure analysis and of the probability
of government support have not changed.

"With large litigations settled and restructuring costs declining,
Barclays' profitability is on a path to recovery and the bank is
better positioned to mitigate against Brexit-related risks and
tail risk from its large capital markets activities," said Alessandro
Roccati, Senior Vice President at Moody's. "Capital generation
through earnings will likely be sustained and the bank's liquidity
is strong" added Roccati.

The affirmation of the ratings of Barclays Bank and the revised outlooks
to positive reflects Moody's expectation that its operating performance
will moderately improve due to improved revenues, as the recent
restructuring starts to bear fruit, and good cost control including
adjustments to variable compensation costs, to the extent necessary,
are implemented.

The affirmation of the ratings of Barclays Bank UK with stable outlooks
reflects Moody's expectation that its operating performance will
remain broadly stable over the outlook period supported by good levels
of profitability, moderate asset risk, robust capitalisation
and good funding and liquidity.

RATINGS RATIONALE

Barclays

The positive outlook on Barclays' ratings reflects the progress
the firm has made in its restructuring plan including the de-risking
of its balance sheet, its improved asset risk profile, and
its improved profitability, supported by the resolution of litigation
matters including settlements with the US Department of Justice (DOJ)
and adequacy of provisions taken against current and anticipated Payment
Protection Insurance (PPI) claims.

Moody's believes that going forward, Barclays is positioned to demonstrate
improved and more stable profitability: non-recurring charges
will likely be moderate over the next eighteen months, making the
strong core profitability of the bank's retail and commercial operations
more tangible.

The baa3 BCA of Barclays reflects: its (1) strong franchises in
UK retail, business banking and global credit cards, (2) moderate
credit risk, driven by strong loan quality, which is partly
offset by its sizeable capital markets activities which are confidence
sensitive and expose the firm to higher earnings volatility than the more
traditional commercial banking activities (3) good regulatory capitalisation;
(4) diversified funding and sound liquidity; and (5) improving profitability
from a low base.

Barclays Bank

The positive outlook on Barclays Bank's ratings reflects the progress
the firm has made in its restructuring plan including the de-risking
of its balance sheet, which will lead to higher profits and an improved
capital position.

The BCA of baa3 for Barclays Bank - the group's non-ring
fenced bank - reflects its (1) good regulatory capitalisation and
its (2) adequate funding and sound liquidity, which protect the
bank against unexpected market shocks. The bank's BCA is constrained
by (3) risks from investment banking and capital market activities,
and (4) weak historical profitability, which we expect will continue
to improve.

Barclays' baa3 notional BCA could be upgraded, following an improvement
of the standalone credit profile of its main subsidiary Barclays Bank.
An upgrade of Barclays' baa3 notional BCA would likely lead to a ratings
upgrade. Barclays' ratings could also be upgraded if the group
were to issue a substantially higher amount of bail-in-able
liabilities or maintain excess financial resources at the level of the
holding company, affording greater protection to its creditors.

A rating downgrade is unlikely, given the positive outlook on the
firm's ratings. Barclays' baa3 notional BCA could be downgraded
following a deterioration of the standalone credit profiles of its two
main subsidiaries Barclays Bank and Barclays Bank UK. A lower notional
BCA would likely lead to a downgrade of Barclays' ratings. Barclays'
ratings could also be downgraded if we were to assess a lower degree of
protection from the stock of bail-in-able liabilities,
which we assess through our advanced LGF analysis.

Barclays Bank

Barclays Bank's baa3 BCA could be upgraded if the bank were to restore
its profitability on a sustainable basis. Higher capitalisation
levels, lower reliance on confidence-sensitive wholesale
funding and a reduction in the size of capital markets activities would
also be positive for the BCA. An upgrade of the BCA would likely
lead to a ratings upgrade.

A rating downgrade is unlikely, given the positive outlook on the
firm's ratings. Barclays Bank's baa3 BCA could be downgraded
in the case of (1) a deterioration in the operating environment beyond
our current expectations, (2) a material risk management failure
or increase in risk appetite or leverage, and/ or (3) a material
deterioration in the bank's liquidity or capital positions. A downgrade
of the bank's BCA would likely lead to a ratings downgrade. The
ratings for Barclays Bank could be downgraded in the case of a lower degree
of protection for its creditors from the stock of bail-in-able
debt, which we assess through its advanced LGF analysis.

Barclays Bank UK

An upgrade of Barclays Bank UK's a3 BCA could result from a much lower
asset risk, or a considerable increase in profitability and liquidity.
A higher BCA could lead to a rating upgrade. An upgrade of BB UK's
long-term deposit rating could also result from a higher stock
of bail-in-able liabilities that would provide higher protection
for the bank's junior depositors, beyond what we currently expect.

Barclays Bank UK's a3 BCA could be downgraded in case of a deterioration
in asset quality and weaker profitability, driven by Brexit uncertainties,
or lower capitalisation or a deterioration in the bank's liquidity profile.
A downgrade of the BCA would likely lead to a rating downgrade.
The rating could also be downgraded due to a reduction in the stock of
bail-in-able liabilities that would reduce the degree of
protection for junior depositors.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in
August 2018. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.

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